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6.G. - Pa Re oocT$i�
<br />City
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2018
<br />NOTE 5 - INVESTMENT IN SILICON VALLEY CLEAN WATER AUTHORITY (CONTINUED)
<br />At June 30, 2018, the total obligation for the 2009, 2014, 2015 and 2018 revenue bonds is $268,295,000.
<br />The City's direct obligation is $149,045,182. For the fiscal year 2018-19, the City is obligated to pay debt
<br />principal and interest payments totaling $9,796,080. The financing agreements for these bonds are
<br />secured by a pledge of the City's Sewer Enterprise Fund Net Revenue as defined under the financing
<br />agreements. For the fiscal year 2017-18, gross Sewer Fund revenues, including operating revenues and
<br />non-operating interest earnings, amounted to $37,372,505. The operating and maintenance costs,
<br />including operating expenses, transfers out for overhead and administrative cost but excluding interest,
<br />and depreciation or amortization amounted to $28,871,159. Net revenues available for debt services
<br />amounted to $7,035,742, which represented coverage of 1.33 times over the total of debt services of
<br />$5,277,488.
<br />In October 2015, SVCW issued the 2015 wastewater revenue bonds in the amount of $70.2 million.
<br />Pursuant to the financing agreement, the City's allocable share of the 2015 bonds is approximately
<br />51.3%. Of the total bond proceeds, $8.5 million will be used to refund, on an advance basis, certain
<br />maturities of the 2008 Bonds and approximately $49.8 million will be used to refund, on an advance
<br />crossover basis, certain maturities of the 2009 Bonds.
<br />In February 2018, SVCW issued $140,955,000 in Revenue Bonds. The Bonds were issued to finance the
<br />acquisition and construction of capital improvements to SVCW's wastewater system and pay costs of
<br />issuing the Bonds. Pursuant to the financing agreement, the City's allocable share of the 2018 bonds is
<br />approximately 58.32 %.
<br />Proceeds associated with the Refunded 2009 Bonds have been deposited into the "2009 Escrow Fund"
<br />until the crossover date of August 1, 2019, when all of the outstanding Refunded 2009 Bonds will be
<br />redeemed, without premium. Prior to the crossover date, the Refunded 2009 Bonds will continue to be
<br />secured by and payable from the revenues that were originally pledged for the payment of the 2009
<br />Bonds.
<br />Audited financial statements are available from Silicon Valley Clean Water Authority, 1400 Radio Road,
<br />Redwood City, CA 94065.
<br />The condensed unaudited financial information of the JPA as of June 30, 2018 is as follows:
<br />Total Assets
<br />$
<br />447,262,930
<br />Deferred Outflows of Resources
<br />6,236,059
<br />Total Liabilities
<br />372,589,353
<br />Deferred Inflows of Resources
<br />1,243,778
<br />Total Net Position
<br />$
<br />79,665,858
<br />Total Operating Revenues
<br />$
<br />45,091,922
<br />Total Operating Expenses
<br />33,005,971
<br />Total Operating Income (loss)
<br />12,085,951
<br />Other Income (loss)
<br />(10,412,108)
<br />Net Income (loss)
<br />$
<br />1,673,843
<br />60 266
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